Wealth Tax

[togor]

A guy who would pay it explains his reason for supporting it. I don't know if I agree with his specific arguments, but it's clear that hourly workers today are paid half of what they produce. When forum members here were kids, it was closer to 100%. Imagine if your dad's wages were half of what they were. Things might have been a little different growing up!

https://www.nytimes.com/2019/06/25/o...eli-broad.html

[S.A. Boggs]

No one is stopping the object of the article from paying more. Anyone can contribute more to the government if that is one's desire, no government interference is needed...just write a check made payable to the U.S. Treasury.
Sam

[blackhawknj]

"Wealth taxes" in the UK created several generations of tax exiles.
Reducing taxes and letting people keep more of what they earn is the same as a pay raise.

[barretcreek]

Socialism is a distribution mechanism, not a wealth production system. Don't confuse the two.

[Sandpebble]

Taxes .... interesting topic for a small {very small } business owner .

Even though my small business has shown diminished profits two years in a row due to having to drop clients because of labor shortage. This past year my quarterly tax payments made through Intuit payroll and tax service were higher than previous years ..... and I didn't get anything back.

Sorry... doesn't seem like the promised tax break to me. Any other small business owners liketo chime in ?

Just received notification that my quarterly tax payments will now have to be paid monthly .... hhmmm... less regulations and less tax.... that was the promiuse .

[clintonhater]

Even though my small business has shown diminished profits two years in a row due to having to drop clients because of labor shortage.

Good to know your "diminished profits" didn't interfere with your "extended overseas vacation."

However, your point about the strangling regulations to which small business owners are subjected is indisputable. But don't blame it on the White House, or even Congress--the bureaucracy of the IRS is an autonomous power subject to no external control.

[dryheat]

We've heard about your difficulty in obtaining labor. Are you in the Porta-Potty business? Some positions aren't drawing workers like flies so to speak. There are jobs not many people will do. I watched a guy just this morning working a pneumatic tamper. His whole body was vibrating. You couldn't pay me enough to do that. As for taxes, I've said, we could all have gold doorknobs(not that anyone needs them) if we could just keep our money. Then you have the ultra rich who are feeling guilty enough to bequest their fortunes to the third world. So we have more people who can do the traditional dance of the elephant. Or what ever they do. Who can clear more land and kill more lions and tigers. There's a ying and yang to everything.

[bruce]

Wealth tax? We all pay wealth tax. Every year. Don't believe it? Just fail to pay taxes on your house, land, vehicles, etc. Fail to pay and you will soon see what you own get taken away to pay for the taxes you owe. You own whatever you own just as long as you pay the taxes associated with owning whatever you own. It's that simple. No different if tax is calculated progressively on property of whatever kind, etc. Don't like it. Don't have to like it. I just have to pay it, if and when it is applicable. Sincerely. bruce.

[dryheat]

Don't let the tax tail wag the dog. There is a saying, "there's no amount of anxst some cheap SOB won't cause himself to save fifty cents". Case in point: A guy I worked with had a half dozen rentals. He wanted to sell them off but agonized over how to turn them one by one into his residence so as to avoid taxes. Then 2006 came along and all his property lost 50% in one year. Cheap Scotsman. He couldn't help himself. You will pay taxes. Don't fret about it.

[Vern Humphrey]

There are those who support taxes for taxes' sake -- taking money from people who are successful is a GOOD thing. That will teach them to bust their backs working!!

[Allen]

There are those who support taxes for taxes' sake -- taking money from people who are successful is a GOOD thing. That will teach them to bust their backs working!!

I fully agree. People with money spend money which is of course taxed over and over. Wealthy people hire other people, if not anything more than lawn service. Trump employs 34,000 who pay taxes. SS taxes have a limit. When that limit is reached you pay no more SS taxes for that year. When I worked at the refinery I often met that limit but the feds kept raising it and raising it to the point no one was reaching it, at least where we worked. It is currently $132,900 which is an unrealistic number for most of us.

I feel there should be a similar cap on taxes for the wealthy too but reasonable limits that can be met because these people worked hard for what they have or they inherited wealth that their parents worked for in most cases. These people spread the wealth too.

The general consensus of implying the wealthy should pay for every thing and the poor should be able to skate through life with no responsibility is stating the U.S. can and should be a 3rd world nation with the majority depending upon the government which is of course socialism and the democrat way. Of course they are pushing this agenda and people like Soros is the front runner on this. Sure he would like everyone to pay more taxes to develop a "democrat only" America.

Using the taxes of the wealthy the democrats are pushing the following promises:

1) 100% free healthcare including liposuction, Viagra, and breast implants.
2) College degrees will be issued without the requirement of attending college.
3) All existing debts will be cancelled; nobody owes anything to anybody.
4) Unemployment benefits will be permanent and twice the minimum wage.
5) All cars will get 100 miles per gallon and their exhaust will be pure oxygen with a "fresh pine" scent.
6) Everything served in a restaurant will always be on a 99¢ value menu.
7) Fitness guidelines will be revised so that every American meets the federal definition of "hot."
8) 50 bonus points will be added to the IQ score of every American.
9) There will be no more taxes of any kind except on the Evil Rich.
10) Everyone will go to Heaven.

And of course Joe Biden will cure cancer (which was invented by Al Gore).

[Vern Humphrey]

I fully agree. People with money spend money which is of course taxed over and over. Wealthy people hire other people, if not anything more than lawn service. Trump employs 34,000 who pay taxes. SS taxes have a limit. When that limit is reached you pay no more SS taxes for that year. When I worked at the refinery I often met that limit but the feds kept raising it and raising it to the point no one was reaching it, at least where we worked. It is currently $132,900 which is an unrealistic number for most of us.

I feel there should be a similar cap on taxes for the wealthy too but reasonable limits that can be met because these people worked hard for what they have or they inherited wealth that their parents worked for in most cases. These people spread the wealth too.

The general consensus of implying the wealthy should pay for every thing and the poor should be able to skate through life with no responsibility is stating the U.S. can and should be a 3rd world nation with the majority depending upon the government which is of course socialism and the democrat way. Of course they are pushing this agenda and people like Soros is the front runner on this. Sure he would like everyone to pay more taxes to develop a "democrat only" America.

Using the taxes of the wealthy the democrats are pushing the following promises:

1) 100% free healthcare including liposuction, Viagra, and breast implants.
2) College degrees will be issued without the requirement of attending college.
3) All existing debts will be cancelled; nobody owes anything to anybody.
4) Unemployment benefits will be permanent and twice the minimum wage.
5) All cars will get 100 miles per gallon and their exhaust will be pure oxygen with a "fresh pine" scent.
6) Everything served in a restaurant will always be on a 99¢ value menu.
7) Fitness guidelines will be revised so that every American meets the federal definition of "hot."
8) 50 bonus points will be added to the IQ score of every American.
9) There will be no more taxes of any kind except on the Evil Rich.
10) Everyone will go to Heaven.

And of course Joe Biden will cure cancer (which was invented by Al Gore).

And you know what? With a platform like that, they'll sweep the boards in November -- but they'll have to add total and mandatory abortion to be sure.

[blackhawknj]

Any tax proposed to solve a problem-won't.
Any tax that is supposed to bring in X amount of revenue will bring in at best X-25%.

[Vern Humphrey]

Any tax proposed to solve a problem-won't.
Any tax that is supposed to bring in X amount of revenue will bring in at best X-25%.

And 90% of what it brings in will be syphoned off to buy votes for incumbent politicians.

[togor]

Something to keep in mind is that we're running the Federal Government on the National Credit Card. If that was a bad idea under Obama, it ought to be one under Trump. Yes I hear the reply: cut spending, don't raise taxes! Okay, what spending? Military or entitlements? Those are the places where the money is. You could wipe out the CDC's budget and eliminate the NIH, but it wouldn't put a dent in the deficit!